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Faced with stiff resistance, Bitcoin and Ethereum retrace early-week gains

Cryptocurrency Dec 06, 2022 09:11
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Faced with stiff resistance, Bitcoin and Ethereum retrace early-week gains
 
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ETH/JPY
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+2.42%
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Proactive Investors - Bitcoin (BTC) appears stuck in a range at the US$17,000 price point, where it has been trending for the past week.

Resistance walls posted at US$17,100 and US$17,200 appear to be stunting any recovery beyond those levels, so it could be a pretty long road to US$20,000 for the benchmark crypto asset.

How long will bitcoin (BTC) stick to US$17,000? – Source: currency.com

Ethereum (ETH) is struggling to break above US$1,270 for any substantial amount of time. Having retreated 1.6% yesterday, the ETH/USD pair is currently changing hands just above US$1,260.

After kicking the week off with a bunch of green candlesticks, the altcoin space has given investors a reality check on Tuesday.

Binance’s BNB coin, Ripple (XRP), Cardano (ADA) and Polygon (MATIC) all dipped between 2% and 3%, while losses were even more pronounced for Litecoin (LTC) and Polkadot (DOT).

Meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) shaved 3% and 4% from their respective market capitalisations.

Long-suffering Solana (SOL) was one of the few Tuesday morning gainers in the large-cap space, having added nearly 1% to its US$5.1bn market cap.

Lower down the altcoin scale, decentralised storage protocol Arweave (AR) added around 2% to bring its market value up to US$322mln.

The Stack (STX) blockchain and derivatives exchange Synthetix (SNX) were also top daily risers.

The total market value of all crypto assets is US$853bn, while total value locked across all decentralised finance (DeFi) protocols currently stands at US$42bn, representing a 1.4% dip day-on-day.

Read more on Proactive Investors UK

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Faced with stiff resistance, Bitcoin and Ethereum retrace early-week gains
 

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